FIMBank signs agreement with IFC

FIMBANK P.L.C. is the first bank in Malta to become a participant in the IFC Global Trade Finance Programme in the capacity of confirming bank. This presents FIMBank with a greater capacity to conduct trade finance business with emerging markets.

FIMBank can take advantage of guarantees issued by IFC to cover part or all of the risks arising from confirming, accepting, guaranteeing and/or discounting trade finance instruments issued by selected banks in IFC's emerging markets member countries such as Nigeria, Kenya, Pakistan, Bangladesh, China, Iran and Bolivia, to name a few.

The IFC's Global Trade Finance Programme was launched earlier this year to support trade with the emerging markets worldwide. The $500 million programme provides guarantees and pre-export cash advances to banks in over 70 countries. It plays a key role in advancing a worldwide network of bank partnerships to finance trade under risk coverage provided by IFC. The programme targets issuing banks in Africa, Asia, Latin America, and the Middle East.

FIMBank is a trade finance-oriented bank focused on developing a global network of relationships with traders and banks using different channels and delivery solutions, seeking opportunities in niche markets. The agreement with IFC augurs well with its trade finance activities in emerging countries and broadens its scope.

FIMBank is also the only Maltese bank participating in the Regional Trade Facilitation Programme of the European Bank for Reconstruction and Development. The programme is similar to IFC's, but is designed to guarantee risks originating from eastern European and CIS countries.